The ratings on Southlake, Texas-based Sabre Holdings Corp. and its major operating subsidiary, Sabre Inc., reflect a highly leveraged financial profile and limited access to capital after its 2007 acquisition by private-equity firms; and the cyclical nature of the travel industry, in which the company participates as a distributor and marketer. Ratings also incorporate the company's leading position in this segment of the travel market, and the free cash flow this business typically generates. Sabre's businesses include GDS (global distribution systems used by travel agents), online travel distribution (Travelocity), and solutions and consulting for travel providers. Silver Lake Partners and Texas Pacific Group acquired Sabre in March 2007 for approximately $5.4 billion, including the assumption of approximately $900 million of
